I'm on another rant about KISS - Keep It Simple Stupid! Yesterday I implemented a simple daily chart for our our stylists at Universal. There were two main reasons. 1. Access to timely data. 2. So stylists can get a feel for how well they go.
One of the problems I see with many daily progress tracking charts is that they are too difficult to complete, take too much time or just pointless. This simple chart shows the stylist the basics, but it also shows them how they are progressing towards their bonus.
For me, it offers a wealth of information. But this will only come in time. A number by itself is pretty useless. Without comparison, it can be meaningless. e.g. "We did $1m in sales last month!" Sounds impressive as you can't compare it to anything else. But if you added "We did $1.2m the month before", it now has relevance.
And this is what this data will do. Collection of data over time to predict the future by examining the past, making changes based on what we learned to create a better outcome.
All these different points of data that we are collecting in itself can now involve its own strategy. If we want to improve, we can improve one or all.
Some theory. Ready? In this chart we are effectively tracking four things: Number of clients, number who rebooked, number of retail items sold and the hours worked. The revenue is secondary and comes from these things. If we improved one by 5% (not much), then we would improve our combined by just 5%. If we improved each thing by 5% (still not much) we would improve by 22%! Now that's worth writing home about.
The other great thing about this daily data is that I can create one number that can show how well my business is performing out of 100. Each day, everyday. But that's my little secret.
One of the problems I see with many daily progress tracking charts is that they are too difficult to complete, take too much time or just pointless. This simple chart shows the stylist the basics, but it also shows them how they are progressing towards their bonus.
For me, it offers a wealth of information. But this will only come in time. A number by itself is pretty useless. Without comparison, it can be meaningless. e.g. "We did $1m in sales last month!" Sounds impressive as you can't compare it to anything else. But if you added "We did $1.2m the month before", it now has relevance.
And this is what this data will do. Collection of data over time to predict the future by examining the past, making changes based on what we learned to create a better outcome.
All these different points of data that we are collecting in itself can now involve its own strategy. If we want to improve, we can improve one or all.
Some theory. Ready? In this chart we are effectively tracking four things: Number of clients, number who rebooked, number of retail items sold and the hours worked. The revenue is secondary and comes from these things. If we improved one by 5% (not much), then we would improve our combined by just 5%. If we improved each thing by 5% (still not much) we would improve by 22%! Now that's worth writing home about.
The other great thing about this daily data is that I can create one number that can show how well my business is performing out of 100. Each day, everyday. But that's my little secret.
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